Hines Makes Weak Wall Street Debut
Hines Horticulture Inc. had a disappointing Wall Street debut Tuesday as its shares, which fetched $11 on Monday, closed unchanged in first-day trading.
The Irvine-based company is one of the largest commercial nursery operations in North America. On Monday, the company sold 5.1 million shares at $11 each, 21% below the bottom of the expected range of $14 to $16 set by lead underwriter Lehman Brothers Inc.
The offering raised $56.1 million, about a third less than the $81 million originally expected.
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